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CAD/JPY showed a minor pullback after Canadian CPI data. It hit a high of 104 and is currently trading around 103.98
In April, Canada's year-over-year CPI inflation eased to 1.7%, driven by a steep decline in energy prices, and month-over-month CPI declined modestly less than expected. Underlying measures of inflation, including core, median, trimmed, and common CPI, all increased year-over-year, indicating persistent inflation pressures in the Canadian economy despite moderation in headline inflation.
Technical Analysis
CAD/JPY is currently trading below the 34- and 55-EMA on the 4-hour chart. The immediate resistance is at 104.50; a breach above this level could shift targets to 105/105.51/106/107/108.25. On the lower side, near-term support is at 103.50 and a break below this support could lead to declines toward 103/102.50/10.65/101/100.
Indicator Trends
CCI (50)- Bearish
ADX (14)- Neutral
Trading Strategy Recommendation
It is good to sell on rallies around 104 with a stop-loss at 105 and a target price of 100.
